Does a receiver have a fiduciary duty?
Although a receiver may not be a fiduciary in the strict sense, his obligations under the Corporations Law mirror some of the obligations which a fiduciary would owe.
Can a court appoint a receiver?
The court can appoint a receiver before or after a decree and can remove any person from the possession or custody of the property and commit the same property in the custody or management of the receiver. Under the code itself, the receiver can be appointed to prevent the ends of justice being defeated.
Can a fixed charge holder appoint a receiver?
A person appointed by the holder of a fixed charge to enforce his security, also known as a fixed charge receiver. The appointment of a receiver by a secured creditor is a contractual remedy, usually without recourse to the courts and the receiver’s primary duty is to the fixed charge holder.
What happens when receivers are appointed?
Receivership, formally known as administrative receivership, is a legal process whereby a receiver is appointed by a floating charge holder such as a bank or other lender. The receiver then “receives” any of the assets of the company that it can liquidate in order to pay back the lender.
When can I appoint a receiver?
Pursuant to s67 of the Supreme Court Act 1970 (NSW): The Court may, at any stage of proceedings, on terms, appoint a receiver by interlocutory order in any case in which it appears to the Court to be just and convenient so to do.
Can a court order the appointment of receivers?
In Cruz City v Unitech, the court held that it was just and convenient to make an order under s37 of the Senior Courts Act 1981 for the appointment of receivers by way of equitable execution over foreign assets and that it was necessary and appropriate to include ancillary orders preventing the defendants from impeding the receivers.
When did court order appointment of receivers to aid enforcement of award?
Mr Justice Flaux made the freezing order and referred in his judgment to “the dogged determination on the part of the defendants to avoid paying these arbitration awards in any jurisdiction”. On 30 April 2014, the day before the return date, the defendants finally gave disclosure of their assets.
What makes a receiver an act of the court?
Furthermore, the receiver’s acts are the acts of the court; jurisdiction over the assets is, in effect, that of the court itself; possession is that of the court; and contracts and liabilities are the contracts and liabilities of the court.
Why did the defendants oppose the appointment of a receiver?
The defendants opposed the appointment of a receiver on 4 main grounds: Receivership is an exceptional and far-reaching remedy, especially over the foreign assets of a foreign company, and should not be imposed unless ordinary means of enforcement are impossible or impracticable.
In Cruz City v Unitech, the court held that it was just and convenient to make an order under s37 of the Senior Courts Act 1981 for the appointment of receivers by way of equitable execution over foreign assets and that it was necessary and appropriate to include ancillary orders preventing the defendants from impeding the receivers.
Mr Justice Flaux made the freezing order and referred in his judgment to “the dogged determination on the part of the defendants to avoid paying these arbitration awards in any jurisdiction”. On 30 April 2014, the day before the return date, the defendants finally gave disclosure of their assets.
The defendants opposed the appointment of a receiver on 4 main grounds: Receivership is an exceptional and far-reaching remedy, especially over the foreign assets of a foreign company, and should not be imposed unless ordinary means of enforcement are impossible or impracticable.
Can a receiver be appointed in the Isle of Man?
Receivership is an exceptional and far-reaching remedy, especially over the foreign assets of a foreign company, and should not be imposed unless ordinary means of enforcement are impossible or impracticable. The appointment would be fruitless as it would not be recognised by the courts of India, the Isle of Man or Cyprus.